What is the definition of "U-6 Unemployment Rate"?
The unemployment number that is most often used in the media (and by the government) is known as the "U-3". This number was 8.1% in February of 2009.
The "U-6" is considered to be a broader measure of the unemployment situation in the United States.
The "U-6" includes two groups of people that the "U-3" does not:
1. "Marginally attached workers" - people who are not actively looking for work, but who have indicated that they want a job and have looked for work (without success) sometime in the past 12 months. This class also includes "discouraged workers" who have completely given up on finding a job because they feel that they just won't find one.
2. People who are looking for full-time work but have to settle on a part-time job due to economic reasons. This means that they want full-time work, but can't find it.
Two pretty important groups of people, no?
The "official" unemployment number is the "U-3" - this is 8.3% as of July 2012.
The "U-6" is a whopping 15.0% as of July 2012.
Here is the U-6 Unemployment Figures Charted from 2001.
Here are the individual Month-by-Month U-6 Unemployment Figures – 2000 to Present.
Here is the U-1 through U-6 figures of unemployment by individual state Q-3 2001 through Q-2 2012.
For all the trillions in bailouts, stimulus and spending we have not produced new jobs – and never will. My next post will tackle the historically recorded facts that show the clear difference between Government Stimulus vs. Free Enterprise that actually generates a robust economic growth and real jobs that come from a pro-business government policy.
Still want to vote for Obama? I pray not.
United State Bureau of Labor Statistics